By THE ASSOCIATED PRESS

August 20, 2014

The stock market rose for a third straight day on Wednesday despite a report from the Federal Reserve that showed a growing number of central bank officials were willing to raise interest rates sooner rather than later.

In the bond market, prices fell and yields rose as investors began to prepare themselves for higher rates.

The Dow Jones industrial average rose 59.54 points, or 0.4 percent, to close at 16,979.13. The Standard & Poor’s 500-stock index rose 4.91 points, or 0.3 percent, to 1,986.51, fewer than two points below its record closing in late July.

The Nasdaq composite index was mostly unchanged on the day, dipping 1.03 points, to 4,526.48.

Many of the Fed’s policy makers believe the nation’s economy is improving enough that the bank should start considering when it is going to start raising short-term interest rates, according to minutes from the Fed’s latest policy meeting.

The debate on when the Fed should raise the rates, which have been near zero since late 2008, has intensified in recent months as the central bank scales back its other economic stimulus program.

The Fed has been winding down its bond-buying program since December, and it is expected to end it completely before the end of the year. Despite worries that the Fed’s exit might be a negative for the market, stocks have remained resilient. The S.&P. 500 is up 7.5 percent so far this year.

Jonathan Corpina, a floor trader at the New York Stock Exchange with Meridian Equity Partners, said investors were prepared to see the Fed eventually raise interest rates.

“We’ve been talking about raising interest rates for so long, I don’t think the Fed is going to surprise anybody when they finally do it,” Mr. Corpina said.

The Fed minutes prompted some investors to sell bonds. The yield on the 10-year Treasury note rose to 2.43 percent from 2.40 percent late Tuesday, while its price fell 7/32, to 99 17/32.

On Friday, the Fed’s chairwoman, Janet L. Yellen, will give a speech at the central bank’s annual conference in Jackson Hole, Wyo. The annual address is often used by the Fed’s leader to lay out major policy directions.

Among the stocks on the move, Hertz fell $1.23, or 4 percent, to $30.33 after the rental car company withdrew its full-year profit forecast, citing numerous “operational challenges” related to auto recalls and accounting irregularities. The company said the Ford and General Motors recalls had hurt its ability to have cars available for customers. Hertz also said its purchase of Dollar Thrifty was not saving as much money as originally hoped.

J. M. Smucker shares fell $1.03, or 1 percent, to $102.42 after the food products company cut its full-year sales outlook. The company, which owns such coffee brands as Folgers, also said higher coffee prices were squeezing the company’s profit margins.

PetSmart shares rose 82 cents, or 1 percent, to $70.52 after the company said it was exploring a sale. The pet supply retailer had been under pressure from activist investors to consider a deal or a major restructuring.